Economy
Greek Parliament's budget office questions primary surplus sustainability
In its latest quarterly report released on Friday, the Greek Parliamentary Budget Office (PBO) argues that despite significant achievements in 2014, the Greek economy still has a long way to go to overcome the obstacles in its path.
Manufacturing PMI rises again, reaching 51.1 in April
Greece’s Manufacturing PMI improved by 1.4 points to 51.1 in April, according to Markit. This was the third reading so far in 2014 above the 50-point mark, which separates growth from contraction.
Greece unveils MTFS seeing 4.2 bln primary surplus in 2014 but just under 2 bln fiscal gap in 2015-16
The Finance Ministry unveiled on April 30 the Medium-Term Fiscal Strategy (MTFS) for 2015 – 2018, which was also tabled in Parliament. The government aims for the program to be voted through the House by May 5 to coincide with the date of the next Eurogroup.
Retail index fell by 2.2 pct in Feb but trend improving
The turnover of Greece’s retail trade index fell by 2.2 percent year on year (YoY) in February, while volume slightly rose by 0.6 percent, according to the Hellenic Statistical Agency (ELSTAT).
Greek primary surplus at 1.5 bln in Q1, aided by PIB and social underspend
Greece’s budget execution showed a primary surplus of 1.54 billion euros in the first quarter of 2014, three times higher than the 520 million posted in the corresponding period last year, according to the final data released by the Ministry of Finance (MoF).
Moody's upgrades Greek banks to stable, sees NPLs peaking at 37 pct this year
Moody’s upgraded on Tuesday its outlook on Greek banks to stable from negative, reflecting its expectations for an economic recovery in 2014-15 after six years of recession.
Credit contracts by 4.1 pct in March, loans down by 3.4 pct
The year on year (YoY) credit contraction in the Greek market slightly accelerated to 4.1 percent in March from 4 percent in the preceding two months, with balances reaching 215.88 billion euros, according to the BoG.
Slight rise in deposits for March but outflows at 2.2 bln for 2014
Greek private sector deposits rose 0.3 percent month on month (MoM) in March, with balances reaching 161.05 billion euros, according to the Bank of Greece (BoG).
European Commission review of Greek programme: The key points
The European Commission (EC) published on April 25 its fourth review on Greece’s Economic Adjustment Programme. This was the first report since July 2013 and follows the agreement reached between the troika and the Greek government in mid March after six months of negotiations.
Greek trade deficit up 12.6 pct in Feb as imports rise
Greece’s trade deficit rose 12.6 percent to 1.99 billion euros in February, resuming an upward trend for the first time since September 2013, according to the Hellenic Statistical Authority (ELSTAT).